$PFGC
Performance Food Group Co

2019 Q4 Form 10-Q Financial Statement

#000156459020003459 Filed on February 05, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2018 Q4 2018 Q3
Revenue $6.069B $4.616B $4.540B
YoY Change 31.48% 7.07% 4.0%
Cost Of Revenue $5.357B $4.001B $3.946B
YoY Change 33.9% 6.88% 3.57%
Gross Profit $711.2M $614.6M $593.6M
YoY Change 15.72% 8.28% 7.01%
Gross Profit Margin 11.72% 13.32% 13.08%
Selling, General & Admin $32.30M
YoY Change
% of Gross Profit 4.54%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $43.80M $37.10M $26.90M
YoY Change 18.06% 14.86% 8.47%
% of Gross Profit 6.16% 6.04% 4.53%
Operating Expenses $630.7M $541.6M $543.0M
YoY Change 16.45% 4.46% 7.7%
Operating Profit $80.50M $73.00M $50.60M
YoY Change 10.27% 48.68% 0.2%
Interest Expense $26.40M $16.00M $15.60M
YoY Change 65.0% 5.96% 6.85%
% of Operating Profit 32.8% 21.92% 30.83%
Other Income/Expense, Net -$26.20M -$16.70M -$15.40M
YoY Change 56.89% 11.33% 7.69%
Pretax Income $54.30M $56.30M $35.20M
YoY Change -3.55% 65.1% -2.76%
Income Tax $13.10M $13.20M $7.000M
% Of Pretax Income 24.13% 23.45% 19.89%
Net Earnings $41.20M $43.10M $28.20M
YoY Change -4.41% -44.74% 24.78%
Net Earnings / Revenue 0.68% 0.93% 0.62%
Basic Earnings Per Share $0.39 $0.41 $0.27
Diluted Earnings Per Share $0.39 $0.41 $0.27
COMMON SHARES
Basic Shares Outstanding 104.3M 103.9M 103.5M
Diluted Shares Outstanding 106.4M 104.9M 105.1M

Balance Sheet

Concept 2019 Q4 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.70M $7.500M $8.600M
YoY Change 69.33% -25.74% 6.17%
Cash & Equivalents $1.102B $18.10M $19.10M
Short-Term Investments
Other Short-Term Assets $1.140B $51.90M $70.20M
YoY Change 2097.3% 0.58% 100.57%
Inventory $1.349B $1.141B $1.116B
Prepaid Expenses
Receivables $1.230B $1.093B $1.069B
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $3.733B $2.294B $2.263B
YoY Change 62.75% 7.17% 8.55%
LONG-TERM ASSETS
Property, Plant & Equipment $983.5M $855.6M $809.4M
YoY Change 14.95% 16.42% 9.28%
Goodwill $765.8M $746.6M
YoY Change 3.9%
Intangibles $170.3M $197.8M
YoY Change -1.64%
Long-Term Investments
YoY Change
Other Assets $56.60M $59.00M $59.50M
YoY Change -4.07% 23.17% 29.63%
Total Long-Term Assets $2.379B $1.873B $1.824B
YoY Change 26.99% 7.48% 6.08%
TOTAL ASSETS
Total Short-Term Assets $3.733B $2.294B $2.263B
Total Long-Term Assets $2.379B $1.873B $1.824B
Total Assets $6.111B $4.167B $4.087B
YoY Change 46.67% 7.31% 7.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.042B $940.6M $1.042B
YoY Change 10.73% 6.05% 14.9%
Accrued Expenses $491.8M $222.6M $238.4M
YoY Change 120.93% 8.69% -3.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $24.60M $13.50M $9.600M
YoY Change 82.22% 92.86% 65.52%
Total Short-Term Liabilities $1.823B $1.458B $1.475B
YoY Change 25.02% 13.91% 6.61%
LONG-TERM LIABILITIES
Long-Term Debt $2.188B $1.285B $1.160B
YoY Change 70.36% -5.45% -6.61%
Other Long-Term Liabilities $140.0M $117.9M $119.4M
YoY Change 18.74% 2.61% 12.22%
Total Long-Term Liabilities $2.328B $1.403B $1.279B
YoY Change 66.02% -4.82% -5.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.823B $1.458B $1.475B
Total Long-Term Liabilities $2.328B $1.403B $1.279B
Total Liabilities $4.733B $2.961B $2.922B
YoY Change 59.81% 3.29% 1.49%
SHAREHOLDERS EQUITY
Retained Earnings $508.0M $292.1M
YoY Change 338.59%
Common Stock $871.5M $863.7M
YoY Change 0.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.379B $1.205B $1.165B
YoY Change
Total Liabilities & Shareholders Equity $6.111B $4.167B $4.087B
YoY Change 46.67% 7.31% 7.43%

Cashflow Statement

Concept 2019 Q4 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income $41.20M $43.10M $28.20M
YoY Change -4.41% -44.74% 24.78%
Depreciation, Depletion And Amortization $43.80M $37.10M $26.90M
YoY Change 18.06% 14.86% 8.47%
Cash From Operating Activities $73.60M $37.70M $32.30M
YoY Change 95.23% 127.11% 101.88%
INVESTING ACTIVITIES
Capital Expenditures $26.20M $35.10M $25.00M
YoY Change -25.36% 59.55% 51.52%
Acquisitions $31.50M
YoY Change -50.16%
Other Investing Activities $200.0K -$25.00M -$31.30M
YoY Change -100.8% -12600.0% -34.24%
Cash From Investing Activities -$26.00M -$60.10M -$56.30M
YoY Change -56.74% 175.69% -29.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -33.10M 21.40M 25.30M
YoY Change -254.67% 154.76% -59.46%
NET CHANGE
Cash From Operating Activities 73.60M 37.70M 32.30M
Cash From Investing Activities -26.00M -60.10M -56.30M
Cash From Financing Activities -33.10M 21.40M 25.30M
Net Change In Cash 14.50M -1.000M 1.300M
YoY Change -1550.0% -131.25% -208.33%
FREE CASH FLOW
Cash From Operating Activities $73.60M $37.70M $32.30M
Capital Expenditures $26.20M $35.10M $25.00M
Free Cash Flow $47.40M $2.600M $7.300M
YoY Change 1723.08% -148.15% -1560.0%

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<div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:4.54%;white-space:nowrap" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.</span></p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Summary of Business Activities</p></td></tr></table></div> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Business Overview</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Performance Food Group Company, through its subsidiaries, markets and distributes primarily national and company-branded food and food-related products to customer locations across the United States. The Company serves both of the major customer types in the restaurant industry: (i) independent customers, and (ii) multi-unit, or “Chain” customers, which include some of the most recognizable family and casual dining restaurant chains, as well as schools, business and industry locations, healthcare facilities, and business and industry locations. The Company also specializes in distributing candy, snacks, beverages, cigarettes, other tobacco products and other items nationally to vending distributors, big box retailers, theaters, convenience stores, and hospitality providers.</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Share Repurchase Program</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On November 13, 2018, the Board of Directors of the Company (the “Board of Directors”) authorized a share repurchase program for up to $250 million of the Company’s outstanding common stock. The share repurchase program does not have an expiration date and may be amended, suspended, or discontinued at any time. The share repurchase program remains subject to the discretion of the Board of Directors. No shares have been repurchased during fiscal year 2020. During the three months ended December 29, 2018, the Company repurchased and subsequently retired 0.2 million shares of common stock for a total of $5.2 million. As of December 28, 2019, approximately $240.7 million remained available for additional share repurchases.</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Equity Forward</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On November 20, 2019, Performance Food Group Company entered into an underwriting agreement related to the issuance and sale of an aggregate of 10,120,000 shares of its common stock, and up to 1,518,000 additional shares at the underwriters’ option, in each case on a forward sale basis. On November 22, 2019, the full option to purchase the 1,518,000 shares of additional common stock shares on a forward basis was exercised by the underwriters, and, on November 25, 2019, the Company closed the offering. The forward sale transaction is classified as an equity transaction, because it is indexed to the Company’s common stock and physical settlement is within the Company’s control. As of December 28, 2019, no amounts have been recorded in the consolidated financial statements with respect to the equity offering. On December 30, 2019, the Company physically settled the forward sale agreement at the forward sale price of $42.70 per share, net of the underwriting discount. The aggregate offering price of the amount of newly issued common stock was $514.9 million. In connection with the offering, the Company paid the underwriters a discount of $1.55 per share, for a total underwriting discount of $18.0 million. In addition, the Company incurred direct offering expenses of $5.9 million. The Company used the $491.0 million net proceeds that it received from the common stock offering to finance the cash consideration payable in connection with the Reinhart acquisition.</p>
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us-gaap Basis Of Accounting
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<div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:4.54%;white-space:nowrap" valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2.</span></p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Basis of Presentation</p></td></tr></table></div> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The consolidated financial statements have been prepared by the Company, without audit, with the exception of the June 29, 2019 consolidated balance sheet, which was derived from the audited consolidated financial statements included in the Form 10-K. The financial statements include consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income, consolidated statements of shareholders’ equity, and consolidated statements of cash flows. In the opinion of management, all adjustments, which consist of normal recurring adjustments, except as otherwise disclosed, necessary to present fairly the financial position, results of operations, comprehensive income, shareholders’ equity, and cash flows for all periods presented have been made.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The most significant estimates used by management are related to the accounting for the allowance for doubtful accounts, reserve for inventories, impairment testing of goodwill and other intangible assets, acquisition accounting, reserves for claims and recoveries under insurance programs, vendor rebates and other promotional incentives, bonus accruals, depreciation, amortization, determination of useful lives of tangible and intangible assets, leases, and income taxes. Actual results could differ from these estimates.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The results of operations are not necessarily indicative of the results to be expected for the full fiscal year. Therefore, these financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Form 10-K. Certain footnote disclosures included in annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to applicable rules and regulations for interim financial statements.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:9pt;"> </p>
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.231
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.221
CY2019Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
29100000
CY2019Q2 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
29100000
CY2019Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
131100000
CY2019Q2 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
137100000
CY2019Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
500000
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0
CY2019Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
1800000
CY2019Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
1900000
us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
600000
CY2019Q4 pfgc Outstanding Purchase Contract Obligations Amount
OutstandingPurchaseContractObligationsAmount
37400000
us-gaap Net Income Loss
NetIncomeLoss
71300000
CY2019Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
104300000
CY2018Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
103900000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
104200000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
103700000
CY2019Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2100000
CY2018Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1000000.0
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
2000000.0
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1300000
CY2019Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
106400000
CY2019Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.39
CY2018Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.73
CY2019Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.39
CY2018Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.41
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.74
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.69
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.68
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2019Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
6068600000
CY2019Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
6068600000
CY2019Q4 us-gaap Depreciation And Amortization
DepreciationAndAmortization
43800000
CY2019Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
26200000
CY2018Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
4615700000
CY2018Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
4615700000
CY2018Q4 us-gaap Depreciation And Amortization
DepreciationAndAmortization
37100000
CY2018Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
35100000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
12311600000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
12311600000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
86500000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
49000000.0
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
9155400000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
9155400000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
72600000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
60100000
CY2019Q4 us-gaap Depreciation And Amortization
DepreciationAndAmortization
43800000
CY2018Q4 us-gaap Depreciation And Amortization
DepreciationAndAmortization
37100000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
86500000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
72600000
CY2019Q4 us-gaap Interest Expense
InterestExpense
26400000
CY2018Q4 us-gaap Interest Expense
InterestExpense
16000000.0
us-gaap Interest Expense
InterestExpense
43700000
us-gaap Interest Expense
InterestExpense
31600000
CY2019Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
54300000
CY2018Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
56300000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
100500000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
91500000
CY2019Q4 us-gaap Assets
Assets
6111100000
CY2019Q2 us-gaap Assets
Assets
4653500000

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